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SUMMARY:Passive bond fund management is an oxymoron (or the case for the a
 ctive management of bond funds)
DTSTART:20240322T114500
DTEND:20240322T130000
DTSTAMP:20260921T223057Z
UID:72ce1ea2177efbe6094630b71be36f2fa1c148a90e1c2147b02e55fc
CATEGORIES:Conferences - Seminars
DESCRIPTION:Jaewon Choi - University of Illinois Urbana-Champaign\nIn shar
 p contrast to equity funds\, passive bond funds underperform the majority 
 of active bond funds. First\, bond indexes include numerous illiquid bonds
 \, making passive investing a near-impossible task. Facing a difficult tra
 de-off between tracking their benchmark and maintaining liquidity\, passiv
 e bond funds become active and hold relatively liquid bonds\, while sacrif
 icing performance. Second\, the lack of positive skewness in bond returns 
 reduces the advantages of holding a broad-market index. Holding individual
  bonds frequently outperforms the benchmark\, making passive investing les
 s attractive. Consistent with these two channels\, the average active bond
  fund outperforms the passive counterpart\, while the most active ones—t
 hose with high active share in particular—substantially outperform passi
 ve funds (0.74% annually\, t-stat = 2.40).
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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